My son (11) and daughter (9) both have UTMA accounts with dividends (son: ~$2400, daughter: ~$2000) and interest (son: $54, daughter: ~$40). There are also capital gains in those accounts (of about ~$2500) which are more than offset by capital gains losses that I have. They have no other income. My understanding is that the first $1300 of UTMA earnings are tax free, the next $1300 is taxed at their rate and beyond that, it is taxed at our rate. My question is where do I do this on Turbotax? I imported the 1099-DIV and 1099-INT into Turbotax when I imported the same from my brokerage account from the same bank, but there is no place to indicate that these accounts are theirs. I also put the information in the "Less Common Income", and then "Child's Income". But now I feel like I'm double counting that income? Should I only include it in one place? Which one? Or is both the right way to do it.
